EMNHIGH SIGNALFINANCIAL10-K

EMN experienced a severe 47.6% collapse in net income despite 10.8% operating income growth, indicating significant non-operating financial deterioration.

The dramatic disconnect between improving operating performance and collapsing net income suggests substantial non-operating charges, financing costs, or tax impacts that materially eroded shareholder value. Combined with a 32.4% cash position decline and 24.6% operating cash flow reduction, this indicates serious financial stress despite operational improvements.

Comparing 2026-02-13 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

EMN's financial performance presents a troubling paradox with operating income growing 10.8% to $1.5B and SG&A expenses declining 10.6%, yet net income collapsed 47.6% to $474M, suggesting massive non-operating losses or charges. The company's liquidity deteriorated significantly with cash falling 32.4% to $566M and operating cash flow declining 24.6% to $970M, though debt reduction of 11.1% provides some balance sheet relief. Overall, the financial picture signals a company with improving operational efficiency but severe non-operating headwinds and weakening cash generation that poses material risks to financial stability.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-47.6%
$905.0M→$474.0M

Net income declined 47.6% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
-32.4%
$837.0M→$566.0M

Cash declined 32.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Operating Cash Flow
Cash Flow
-24.6%
$1.3B→$970.0M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Gross Profit
P&L
-19.5%
$2.3B→$1.8B

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Total Debt
Balance Sheet
-11.1%
$4.8B→$4.3B

Debt reduced 11.1% — deleveraging strengthens balance sheet and reduces financial risk.

Current Assets
Balance Sheet
-11.1%
$4.1B→$3.6B

Current assets declined 11.1% — monitor working capital adequacy and short-term liquidity.

Operating Income
P&L
+10.8%
$1.4B→$1.5B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

SG&A Expense
P&L
-10.6%
$736.0M→$658.0M

SG&A reduced 10.6% — improved cost efficiency or headcount reduction improving operating margins.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-14
ADDED
Other includes sales and costs from growth initiatives and businesses, R D costs, pension and other postretirement benefit plans income (expense), net, and other income (charges), net that are not identifiable to an operating segment.
(5) Environmental and other costs from previously divested businesses, non-operational sites and product lines, and discontinued programs.
For year ended December 31, 2024 Advanced Materials Additives Functional Products Chemical Intermediates Fibers Total Operating Segments Other Total Consolidated Depreciation and amortization expense 194 146 99 64 503 6 509 Capital expenditures 403 68 65 42 578 21 599 Assets (6) 5,735 4,608 1,586 1,075 13,004 2,209 15,213 (1) Other segment items for each reportable segment includes research and development expenses, other components of post-employment (benefit) cost, net and other (income) charges, net.
A total of 114,097,314 shares of common stock of the registrant were outstanding at December 31, 2025.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 113 9A.
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REMOVED
For year ended December 31, 2022 Advanced Materials Additives Functional Products Chemical Intermediates Fibers Total Operating Segments Other Total Consolidated Depreciation and amortization expense 163 142 104 61 470 7 477 Capital expenditures 341 99 97 43 580 31 611 (1) Other segment items for each reportable segment includes research and development expenses, other components of post-employment (benefit) cost, net and other (income) charges, net.
(6) Primarily related to the sale of the adhesives resins business.
A total of 115,168,382 shares of common stock of the registrant were outstanding at December 31, 2024.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 114 9A.
Eastman began operating one of the world's largest molecular recycling facilities in 2024.
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